Daytona Beach, FL - Despite a lot of uncertainties with the pandemic, Daytona's condo market is finally breathing a sigh of relief after condo sales were particularly strong throughout July.
That's according to Wyse Home Team Realty's latest analysis of the Daytona Beach Multiple Listing Service. Their findings found that the area's overall sales volume was 83% higher than it was than July of last year, and 40% higher than June's.
Median sales prices were also up substantially throughout July. The MLS reports that July's median sales price sat at $245,000, which is 23% higher than the same month last year and almost 9% higher than in June.
Strong condo sales in July also helped to narrow the gap caused by COVID closures in year-to-date totals. By the end of the month, sales for the first seven months of 2020 were down by only a handful of sales compared to the same period last year. The median sales price was also up 10% in year-over-year comparisons.
And while everything else remained strong throughout the month, the area still suffered from a limited number of inventory, as the number of available condos in July was 16% lower than July of 2019.
“High demand and low inventory levels about 16% below last year created a boon for local condo sellers and helped to drive up sales prices,” said Ron Wysocarski, Broker and CEO of Wyse Home Team Realty in Port Orange. “Demand for Daytona Beach vacation condos remained strong in July, with condotel sales running about 70% higher than in July of last year,”
All-in-all, 187 condo units were sold around the Daytona Beach area. That’s a 57% increase in the area’s condo sales compared to July of 2019 and a 10% increase over condo sales in June.
According to Ron's team, the month's most expensive sale came from a $1.55 million unit that was sold at Minorca Condos in New Smyrna Beach.